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So, my budget is around $33k and I've always longed for an M3. But I know that in this price range I would likely be buying a car with no warranty on it.

Can anyone give me advice on what should I look for in this price range?
I think a lower mileage 2004 or high mileage 2005 M3 Coupe should be attainable correct? Could I squeeze CPO into this price range?

Which one would you go for? Are there any other options/deals?

Also, I intend to do 3-4 track days and 5 or so autocross competitions with the car, so that may sway the choices too as things tend to wear quicker in those scenarios.

^ I think with your budget you might be able to get a car with warranty still. Ironically I was looking at this yesterday and thought it might serve as a good marker for your search. Car sounds very clean, and with negotiation doesn't seem too out of your price range. Are you only looking for '04 and '05 ? Understandable if so, I wouldn't want to purchase anything pre-'03 when it comes to E46 M3's if I were seriously looking at this moment.

I should have mentioned that I'll only consider 6-speed. I don't want nav, or any HK audio package or sunroof etc.. Obviously, I may not have a choice buying used, but I definitely don't want to pay premium for such options.
That CL500 looks very nice for the price, but I'm sticking to M cars. Plus all AMGs are automatics, so that rules them out for me.

Yes, track days can get expensive with tires, rotors/pads, brake fluid, oil changes and I know that's just the "consumables"!

That's why I would want to have at least 6 months of warranty left in case something comes up during the first couple of track days of the season, so I can have it corrected if it's covered.

I know, I just saw that deal and wondered a little bit about it.... If my car was sold, i would of bought it by now thats for sure! All it needed was tints and rims!

But i hear you about the 6spd! Manual is the only way to go. I've been a M3 fan forever, and i think i have the closest thing to it lol... But if our dollar wasnt so bad now, id say go to the states and hand pick a crazy exotic package which cant be found here..... Buy it private off some wealthy guy which is willing to sell it for cheap, I saw amazing m3's going for 20$ USD there, with all your expenses it will run you around 26 thousand to bring it here.... always an option. thats what i did..

i got my m3 before the big price drop.
and i'll tell you one thing about buying and owning. if its too cheap to be true, theres lots of work to be done and probably isn't worth it. also, be prepared to fork out money on maintenance. oil changes are $100 and up if you do it your self.
smg's are known for hydraulic pump failures but other wise are reliable.
looking around a bit, i'd say a good late model "low miles" car would be somewhere in the mid to high $30k. i've seen a lot of cars when i was looking for one and let me tell you, a lot of cars don't look to be maintained that well and have been abused.
look out for rear subframe issues and get the rear subframe bushings replaced once you get it.
good luck on your find.

If you're going to be doing a lot of track days and auto-x with the car work another set of rims with r-comps and a set of track brake pads into your budget. A set of race spec pads and SS lines makes a very noticable difference in braking performance.

If you're going to be doing a lot of track days and auto-x with the car work another set of rims with r-comps and a set of track brake pads into your budget. A set of race spec pads and SS lines makes a very noticable difference in braking performance.

Thanks. I would certainly invest in a dedicated set wheels and r-comps.

So, if the price is the same, would you guys go for 2004 with 50k kms or 2005 with 80k kms?
Are there any magic thresholds to look out for with E46? Such as "get ready for replacing this major thingy at 90k, so you should buy the 50k car".

rear trailing arm bushings are a must to change every so often. (forget the milage).
valve adjustments every inspection 2 or when needed.
otherwise its not that bad.
i say go for the 2004 cause its the same as the 2005 but its got less km.
i can't really think of anything else right now when it comes to maintenance but i'm sure a search on m3forum would result on lots of reading.